State Bank of India (SBI) has launched a nation-wide drive to re-activate inoperative accounts, including Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, in a bid to improve the proportion of current account, savings account (CASA) deposits in domestic deposits.
The proportion of CASA deposits came down to 40.03 per cent in domestic deposits as at September-end 2024 against 41.88 per cent as at September-end 2023. Increasing CASA will help India’s largest bank protect its margins.
As at September-end 2024, SBI’s domestic deposits stood at ₹49,10,528 crore and total deposits, including domestic and foreign offices deposits, were at ₹51,17,285 crore.
SBI, in a statement, said the nation-wide drive is to raise awareness about the importance of Inoperative account activation.
A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC (know-your-customer).
Before commencement of the drive, SBI organized a one-day workshop at Gurugram for its national business correspondents to sensitize them about the importance of inoperative account activation.
The workshop emphazised the significance of PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts and the importance of reactivating inoperative accounts.
Challa Sreenivasulu Setty, Chairman, SBI, emphasized the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly.
The SBI Chief proposed a vision map for technological changes necessary to offer unique solutions to leverage the Business Correspondent channel optimally.
As at September-end 2024, SBI had about 80,300 Business Correspondent outlets.
